2) RECP Chapter 2 Rights in Real Estate [Complete]

real estate

The air, water, land and everything affixed to the land that can be owned by:

-private individuals or entities

-publicly by government entities

land

A term referencing the legal concept of:

-the surface of the earth

-everything beneath the earth's surface, extending downward to it's center

-all natural things permanently attached to the earth

-the air above the surface of the eath extending outward to infinity

*includes the minerals/water/air of the area

physical characteristics of land

The traits of land that include:

immobility

indestructibility

nonhomogeneity (uniqueness)

improvments

Any permanent man made addition to the land, such as buildings, roads, fences, decks, landscaping

property

Anything of value that is owned or controlled [ex. abandoned car is NOT property]

property bundle of rights

The personal entitlements involved in property ownerships that include:

PUTEE...

possession

use

transfer,

exclusion

encumbrance

real property

A classification of property that describes the ownership of real estate and the bundle of rights associated with owning the real estate

personal property

All owned property not classified as real property

chattels

A personal possession; alsp called "personalty"

tangible property

Property that is physical, visible, and material [ex. boat, car]

intangible property

Property that is abstract, having no physical existence in itself, other than as evidence of one's ownership interest [ex. stock, patent]

property ownership right to use

The right to use owner property in certain ways, such as mining, cultivating, landscaping, razing, and building on

property ownership right to transfer

The right to sell, bequeath, lease, donate, or assign ownership interests; owners can transfer rights to components of the real estate

property ownership right to encumber

The right to morgage an owned property as collateral for debt; may be restricted in some instances

property ownership right to exclude

The right of a property owner to keep others off the property and prosecute trespassers

surface rights

The ownership rights in a parcel of real estate that are limited to the surface boundaries of the parcel includes the ground, all natural things affixed to the ground, the improvements, and any water rights

air rights

The ownership rights of the space above the surface boundaries, as delineated by imaginary vertical lines extended to infinity (note: air rights have been curtailed to allow aircraft to fly over the parcel, provided it not interfere with the use and enjoyment of the property)

subsurface rights

The ownership rights of the land beneath the surface of a real estate parcel, from its surface boundaries downward to the center of the earth; includes the rights to extract minerals, gas deposits, and water from the water table

water rights

The ownership and right to use water (lakes, streams, rivers, ocean); usage limits depend on:

-whether the state controls the water

-whether the water is moving

-whether the water is navigable

doctrine of prior appropriation

A governing principle of water rights law whereby the right to use water is controlled by the state rather than the landowner adjacent to the water

littoral rights

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on; ownership extends to the high water mark of the body of water; limited if the water is navigable (public easement granted)

riparian rights

A legal right of a landowner who owns land next to a natural watercourse to reasonable use of whatever water flows past the property (river, stream); limited if the water is navigable (public easement granted)

fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty (toilets, shutters, tv wall mounts)

fixture differentiation criteria

The court's criterion for decided if an item is real or personal property:

-Intention of the owner (ex. a rented alarm system is intended to be temporary)

-Adaptation of items to uniquely accomodate the property (ex. house keys, removable screen doors are not temporary)

-Functionality of the item is vital to the building operation (ex. detachable solar panels, window air conditioners may not be allowed to be removed)

contract provision

The overiding of typical fixture definitions by way of a contract clause specifically excluding an item, stipulating it as personal property and not part of the transaction

trade fixtures

Personal property used in a business that can be removed by the lessee when before the lease terminates; failure to remove items makes them the landlord's property by accession

emblements

Growing crops, such as corn, that are produced annually through labor and industry and are considered personal property, regardless of a lease status

factory built home

Structure that is partially or completely built in a factory and shipped to the location on which it is to be installed; may be considered personal property if NOT permanently affixed to the ground--otherwise is real property

mobile home

A home that can be moved by a vehicle or one that has its own engine; now called "manufactured housing"

severance

Conversion an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.

affixing

Conversion of personal property to real property by attaching it to the real estate (ex. assembling a pile of boards into a deck)

federal regulation of real estate

The federal governing regulations concerning broad usage standards, natural disasters, land descriptions, and discrimination; does not engage in real estate tax levying

-(HUD)Promote & Regulate home ownership

-(EPA) establishes protective usage restrictions and guidelines

-Federal Flood Insurance

-Fair Housing Act

-ADA

state regulation of real estate

The state governing regulations concerning real estate law, broker qualifications, regional usage standards, environmental controls, and ownership/transferrance laws; can levy real estate taxes, but generally pass this task to local governments

local regulation of real estate

The local governing reulations concerning land use control (zoning), improvement control (permitting/demolition), and taxing (real estate taxes/school referendums)

judicial regulation of real estate

The court system's governing of ownership and usage, establishing common law and case law